Ripple has completed its $1.25 billion acquisition of Hidden Road, one of the fastest-growing non-bank prime brokers in the world.
As a result, the deal makes Ripple the first crypto company to own and run a global, multi-asset prime broker. Ripple confirmed that Hidden Road will now operate as Ripple Prime, marking what it called “an exciting new chapter” for the company.
Earlier this year, Ripple first announced plans to acquire Hidden Road in April after receiving regulatory approval. The company said Ripple Prime will bring digital asset services to institutional clients at scale.
Moreover, Ripple CEO Brad Garlinghouse said the acquisition reflects Ripple’s goal to modernize finance by combining traditional markets with blockchain technology. Meanwhile, Hidden Road founder and CEO Marc Asch will work directly with Ripple’s leadership as both teams continue integration.
The move also gives Ripple Prime a strong foundation for growth. Since the deal was first announced, Ripple Prime’s business has reportedly tripled in size. The company said it expects even more expansion as institutional clients use its services for clearing, trading, and financing across foreign exchange, digital assets, and derivatives. Furthermore, Ripple added that it plans to use blockchain tools to make operations faster and cheaper.
Beyond that, Ripple Prime will also help expand the use of Ripple’s stablecoin, RLUSD. The company noted that RLUSD is already being used as collateral for brokerage products. Some derivatives clients now keep part of their balances in RLUSD, and Ripple expects this to grow over time.
Notably, the stablecoin earned an “A” rating from Bluechip for stability and asset support. Ripple also chose BNY Mellon to hold RLUSD’s reserves and ensure clear oversight.
That said, this acquisition is one of several recent moves by Ripple to expand its financial services. The company recently announced plans to buy treasury management firm GTreasury and acquired the payment platform Rail earlier this year.
With Ripple Prime now live, the company says it is ready to bring prime brokerage into the digital age.
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